In recent years, China scholars have often debated the meaning and definition of the Chinese Revolution. While some studies reveal discontinuity or radical and transformative change, others show continuity or gradual and evolutionary change. This article contributes to the debate by examining how the connective tissues in Guizhou’s regional economic institutions—the regional economic bureaucracy and regional state enterprises as well as enterprise organization, management, and incentive structures and mechanisms—emerged, grew, broke down, and were replaced over the period 1937 to 1957. Specifically, it focuses on the creation and expansion of Guizhou’s regional state enterprises, the transformation of enterprise authority structure, the transplantation of the Soviet economic accounting system, the appropriation of the Western accounting system, and the development of social service and welfare institutions. Drawing extensively on heretofore unavailable archival and published material, this study demonstrates that the changes in Guizhou’s regional economic institutions were both radical and transformative and gradual and evolutionary. In the process, Guizhou’s regional state enterprises came to be defined by bureaucratic enterprise governance, Chinese Communist Party control over enterprise employees, and distinctive enterprise management and incentive mechanisms.